FARMINGTON HILLS, MI-Agree Realty Corp. says funds from operation jumped by 20.7% in 2004, to $18.3 million. The Farmington Hills-based REIT, which primarily operates single-tenant shopping centers, says FFO in the fourth quarter had increased by 3.1% to $4.8 million.
For the year, Agree says net income was $13.1 million, or $2.03 per share on a diluted basis. Total revenue increased 9% to $30.1 million.
At year's end, Agree's assets totaled $215.7 million and its portfolio consisted of 54 properties totaling 3.5 million sf in 14 states. The portfolio was 99% leased at the end of the quarter. During the fourth quarter, Agree:
- Acquired a single tenant property located in Albion, NY for approximately $4.9 million.
- Completed development of a single-tenant property located in Flint.
- Announced it would develop a single retail property both in Grand Rapids and in Delta Township.
Agree says that in 2004, national chains represented more than 88% of its total lease income.
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